Joint Venture Makes First Acquisition
The two companies Redveco and Ares Management partnered up last year to invest €500 million into Spanish and Portugeuse real estate.
Their first acquisition was Six Retail Parkes in both southern and western Spain which were acquired from the developer Bogaris. The portfolio was acquired for €95 million and was comprised of:
25,500 sq.m in 32 leisure and retail boxes at Kinepolis, Pulianas and Granada
13,500 sq.m. in nine retail boxes at La Heredad and Mérida
12,400 sq.m. in nine retail boxes at La Serena and Villanueva de la Serena
7,280 sq.m. in seven retail boxes at Mejostilla and Cáceres
20,000 sq.m. in nine retail boxes at Marismas del Polvorin and Huelva
5,560 sq.m. in four retail boxes at Retail Park Motril
All six retail parks comprising of a total of 84,240 sq.m are close to being fully let.. The tenants include top grocery chains like Aldi ,Dia and Mercadona, Fashion Brands Such as C&A, Kiabi and Calzados as well as others such as Media Markt,Burger King ,Sprinter and AKI Bricolaje.
The Managing director of Portugal and Spain, Israel Casanova said “we will be on the lookout for fresh investment opportunities in Spain and neighboring Portugal.”Link
The leader of the joint venture, Rafael Aviles said “There is significant value-add potential to improve the portfolio’s operating performance in the coming years, including property enhancements that will ensure they continue to attract shoppers and retailers.” Link